East Africa Cement Market Analysis, Recent Trends and Regional Growth Forecast by 2024
The East Africa cement market has been witnessing a healthy growth over the past few years. This can be accredited to mounting construction activities owing to the rising household incomes of the population, support from government and upcoming construction projects in different countries of East Africa.
IMARC Group’s recent report, titled “East Africa Cement Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, estimated that the East Africa cement market reached a volume of US$ 15.5 Million Tons in 2018. The cement market possesses vast opportunities in East African countries on account of soaring population and inflating income levels in the region. This is also stimulating infrastructural activities in both the residential as well as commercial sector. As a result, various foreign investors are diving in the construction sector and supporting the local cement industries by organizing various training programmes. Besides this, the region is also witnessing several technological advancements which is leading to a higher production of cement in the region.
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East Africa Cement Market Drivers:
The consumption of cement in Ethiopia has been primarily driven by the federal government’s five-year Growth and Transformation Plan (GTP) which helped the country in achieving around 11-15% annual economic growth between 2010-2015. In line with this, the government invested heavily in infrastructure and transport sectors. Construction of the Grand Ethiopian Renaissance Dam, six rail networks, and hydroelectric projects like Gilgel-Gibe III Dam and Genale Dawa III Dam have majorly boosted the consumption of cement in the region. Moreover, the ongoing construction of Bukasa Inland Port and the development of Entebbe International Airport in Uganda are creating a positive outlook of cement industry. Thus, East Africa cement industry is envisaged to experience a positive growth owing to the aforementioned factors as well as some of the other forces like improvement in fleet management and rising penetration in remote areas. Looking forward, the cement market in East Africa volume is projected to reach US$ 23.4 Million Tons by 2024, expanding at a CAGR of 7.3% during 2019-2024.
East Africa Cement Market Overview:
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